Block, Blockstream, and Tesla combine to build an environmentally friendly Bitcoin mining plant
Tesla is collaborating with Block and Blockstream to develop a solar-powered facility for green Bitcoin.
Blockstream and Block, previously known as Square, have announced intentions to begin Bitcoin mining in Texas using Tesla-developed solar-powered equipment.
The businesses said in a news statement that the Bitcoin mining facility is scheduled to be finished by the end of the year.
According to CNBC, Blockstream co-founder Adam Back said that the facility will be created to demonstrate that Bitcoin mining can be done on a massive scale using renewable energy.
He noted that the facility will have a dashboard that would enable users to track the project’s real-time performance. The public would be able to monitor the facility’s electricity production and the total quantity of bitcoin mining.
This current breakthrough is the outcome of a partnership between Blockstream and Block in June 2021. Following that, both parties disclosed their plans to establish a mining operation in the United States.
The facility would be powered by 3.8 megawatts of solar panels and a Tesla-supplied 12 megawatt-hour Megapack.
The statement stated expressly that “the combination of Tesla photovoltaics and Megapack battery technology would provide 100 percent solar energy to the facility’s 30 Petahashes per second of mining gear.”
Bitcoin mining becomes environmentally friendly
Bitcoin miners are increasingly mining the digital currency using renewable energy sources, so dispelling the myth that the process is more environmentally damaging.
The actions of a slew of members of this business confirm a previous CryptoSlate study that indicated that the proportion of the worldwide Bitcoin mining sector that uses renewable energy to generate Bitcoin has climbed from 1% to a significant 58.5 percent.
Tesla, the popular electric vehicle manufacturer, made headlines last year when it announced a $1.5 billion purchase of the digital asset. Additionally, the corporation accepted the iconic asset as a temporary payment mechanism for its automobiles.
However, that decision was short-lived, as the corporation claimed environmental concerns as the reason for discontinuing Bitcoin acceptance.
However, with the business now collaborating with other pro-crypto corporations to mine Bitcoin using sustainable energy, the Elon Musk-led company may reconsider accepting the commodity.